The cryptocurrency market continues to struggle with bears on the market, as the total market capital of total encrypted assets has declined by $ 5 billion over the weekend. Following a limited performance in all the main activities of the week, Bitcoin and other important cryptographic activities have recorded a sharp decline over the weekend approaching the 2-week lows as the caution among investors continues to grow with each passing day. Last week was very bearish from the news point of view as the long-awaited update of the Ethereum network was delayed due to security problems discovered in the last minute and theft of cryptographic assets worth almost 3 million from Cryptopia. Investors' sentiment surrounding cryptographic assets continues to decline as the days go by due to a clear lack of fundamental support.
All the early events of the key of the month are the disappointment up to the data
Bitcoin dropped below the $ 3600 level over the weekend and tested the lows of 2019 which has since maintained an interval close to $ 3550. At the time of writing this article, Bitcoin is trading at $ 3558.1, down 4.83% on the day. A further downward movement in the immediate future has been prevented by the time the crypto-market has found a momentum driven by the news that the United Nations has collaborated with IOTA for its project services (UNOPS) and have seen the cryptocurrencies as a new frontier in the digital finance market. The United Nations has partnered with IOTA to utilize the latest technology that provides an open source distributed data management ledger in an effort to improve the efficiency of UNOPS operations.
Ethereum lost more than 5.6% today and traded at $ 117.34, having passed several levels of critical resistance price over the weekend. Investors are now awaiting further updates from the main development team scheduled later today on further procedures and details on network upgrades. Any indication of further long-term delays in upgrading the network could lead the pair to a critical support level of $ 100. As investors continue to debate whether the market has yet found the fund, it is likely that the cryptic market continue to act at bearish prices in the immediate and near future market, depending on news / events, as it seems likely the early debut of the bakkt platform with the BTC futures in the US will be further postponed between the lack of positive response from the US SEC which is the most anticipated event of the month so far.
